By Ayodele Oni
Hope rose for depositors of the distressed Heritage Bank as the Nigeria Deposit Insurance Corporation, (NDIC) released details of how to get their fund.
The Nigeria Deposit Insurance Corporation has explained that it will begin payment of insured sum to 2.3 million depositors of Heritage Bank in-liquidation this week.
The date of commencement has not been confirmed but the Managing Director of NDIC, Mr Bello Hassan, said this while briefing newsmen in Abuja on Wednesday.
Hassan pointed out that the bank has preliminary deposits of N650 billion and loan worth N700 billion.
According to him, 99.9 per cent of depositors of the defunct bank have a deposit balance of less than five million naira, while only 4,000 of the depositors have more than five million naira deposit.
The Central Bank of Nigeria (CBN) had on Monday revoked the licence of Heritage Bank with immediate effect.
The apex bank in a statement explained that the revocation became necessary as a result of a continued decline in financial performance.
The House of Representatives, while reacting to the CBN decision assured depositors with the bank safety of their money.
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